Principles of Economics

The principles of economics refer to the techniques and concepts, which economy experts use when doing their economics and economic assessments. Economy, on the other hand, refers to the study of how societies control their limited resources. Thus, from the two views, there is an evident contrast, but the focus of the essay is on the principle of economics. Regardless of the geographical position, the principles of economics will apply in similar ways. Prior to the discussion, economy and economics are two closely related concepts. Therefore, the paper will provide an overview of important or rather what literature and publications central to principles of economics, which also have a relation to the economy.

Governments across the world often make decisions pertaining issues in the economy. As such, the decisions have consequences, and they vary in respect to the decision made. Some of the decisions, become legislation, and as noted, their consequences are varied. For example, when multinationals pollute the environment, then, the government can come in and propose legislation aimed at regulating such effects of pollution. In this regard, the multinationals also will respond directly to cater for the incurred costs used to develop strategies to avoid maximum pollution of the environment. Mostly, they react by increasing the costs of products; hence, decision-making is a critical economic principle.

The second economic principle is the cost. Considering the awareness the public has in relation to social responsibility, then, organizations are aligning their activities in an approach that will realize environmental, social and financial performance. Notably, the organizations are making decisions, which will help them achieve a good reputation from the society, and although the financial gain might not come immediately, a comparison of costs and benefits shows that the organization will realize financial profitability in the future. As such, organizations are giving up their traditional ways of thinking in respect to the costs incurred to minimize pollution and such a cost is known as an opportunity cost.

In the same context of pollution, some governments have become innovative. In fact, the governments are helping the organizations to step up or minimize pollution through the provision of innovative products and strategies. Such governments are going further to offer the organizations incentives, in that; they may exempt them from taxes. The move is common in countries with high rates of pollution, and alternatives to pollution are expensive. As such, the tax exemptions can cater for the costs of employing other innovative strategies to curb pollution.

Structured Content and Logic Presentation

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